Rent & Mortgage

[skint]

Hello everyone I hope all is well with all of you. Its been a while since I have been here. I was wondering if I could ask a couple of questions.

Firstly I am looking to rent a place close to London as I will be working there starting in september. I was in an IVA which started in 2006. I paid it off with a full and final in 2009 and it should drop off my file in 2012. My question is will it affect me being able to rent as I will be credit checked for that as well through an agency? Does anyone have any experience of this?

Secondly I have read a number of posts about mortgages and its not looking too good at 50% mortgages if you have had an IVA. I understand the rates are higher and was just wondering if anyone has managed to secure a mortgage at all at a lower rate that 50% LTV. Does anyone have any brokers that they know of so I can get any further advice on this so I have a figure to work towards? I was also wondering if a part buy part rent scheme would accept me if I could get 50% of the share I need a mortgage for.

Thank you

S

[MrsKnight]

Hi skint & welcome back to the forum,

As u know your IVA will remain on your file for 6 years from the anniversary. Then it's best to check you credit reports with all 3 credit info agencies to check everything is as it should be.
If your looking for somewhere to rent in September then the IVA is still going to show up on your file. I'm in rented accommodation so totally understand your position.
Letting agents will credit check u & charge u got the privilege. You could be up front & open with them, which I know some posters have done & been successful, giving previous landlord information & proof of a clean up to date rent record helps too. I have also read that clients may have to be prepared to pay a large amount of rent upfront, something I really would struggle with.
Regarding mortgages, I'm in the same boat too. I don't think it's impossible but just difficult with having to find a large deposit & higher interest rate. Im sure there are posters whom have been successful.

List of luck with your move & new job in London x

[luluj]

more than happy to share my brokers details - if admin send me your email address I will pass them onwards. I know someone on the forum last week contacted them and gained an in principle decision in less than hour and din't have 50% deposit....ADMIN please email the details...thanks

[skint]

Thank you so much for your replies. Its much appreciated. I think Id better update my email address Admin please send luluj my email address

[kallis3]

Hi skint - I've passed your details on - I hope you have updated the address!!

[MrsKnight]

Sorry lulu, I should of remembered it was you that had been successful x

Good luck skint, let us know how u get on x

Ps: forum please excuse my typing lately my mind has gone to pregnancy/baby mush! X

[skint]

Thank you MrsKnight and Kallis and lulu.

Kallis - I updated my email addy earlier on it was the one starting with email in it:)

I will let you all know how I get on.

[skint]

*update*

I have contacted a broker via lulu. Thank you Lulu

unfortunately as the IVA is still on my credit file until january I will need a 40% deposit to get onto the property ladder. They have said however I should wait until January for it to drop off.

I also tried going through my bank. This was quite interesting. As the woman in the bank said oh your credit looks fine whats and IVA? they said. They then proceeded to tell me that I could borrow up to 112K with a 12K deposit. at a normal mortgage rate. At This point alarm bells started ringing.

Im still looking for somewhere to rent and now I have to change my car too! Its just a right pain!

[kallis3]

Perhaps you just need to hang on that little bit longer for a mortgage, hopefully you can get a new rental place and you could always look at Moneybarn (formerly Dunctons) for a car if you have a decent deposit.

[skint]

Thank you Kallis

I think I might give moneybarn a try and see if I can arrange something through them.

I'm definitely going to wait until January to see how my credit rating will fare around that time when the IVA status should drop off.

At the moment it says my rating is fair. I did expect to say very poor.

[kallis3]

Let us know how you get on with them.